PINS Pinterest Inc

Pinterest, Inc. (NYSE: PINS) today announced financial results for the quarter and year ended December 31, 2022.

• Q4 revenue grew 4% year over year to $877 million. 2022 revenue increased 9% year over year to $2,803 million.

• Global Monthly Active Users (MAUs) increased 4% year over year to 450 million.

• GAAP net income was $17 million for Q4. GAAP net loss was $96 million for 2022. Adjusted EBITDA was $196 million and $442 million for Q4 and 2022, respectively.

• Pinterest also announced its board of directors' authorization to repurchase up to $500 million of its Class A common stock over the next 12 months.

“2022 was a solid year as we returned to MAU growth, deepened engagement and saw our personalization and relevance investments start to pay off,” said Bill Ready, Pinterest CEO. “We’re building upon this foundation by staying focused on growing monetization per user, integrating shopping throughout the core user experience, and increasingly driving operational rigor. While the industry as a whole is facing headwinds, we are adapting quickly to a changing macro environment and are committed to creating a more positive online experience for our users and advertisers.”

Pinterest also announced that its board of directors has authorized a stock repurchase program of up to $500 million of its Class A common stock over the next 12 months. Under the stock repurchase program, Pinterest is authorized to repurchase, from time-to-time, shares of its Class A common stock through open market purchases, in privately negotiated transactions or in other such manner as permitted by securities law and as determined by management at such time and in such amounts as management may decide. The program does not obligate Pinterest to repurchase any specific number of shares and may be modified, suspended or discontinued at any time.

Chief Financial Officer Transition

Separately, Pinterest today announced that Todd Morgenfeld, Chief Financial Officer and Head of Business Operations, will transition from Pinterest to pursue new career opportunities on July 1, 2023.

“On behalf of the entire company and Board of Directors, I’d like to thank Todd for his outstanding contributions to Pinterest over the past six-plus years,” said Bill Ready, CEO of Pinterest. “Todd led the company’s IPO process, built a strong finance function and advanced our revenue functions and business operations. He’s been a disciplined creator of shareholder value; during Todd’s tenure, Pinterest’s revenue increased ten-fold and margins expanded meaningfully. I’m personally grateful for Todd’s partnership over the past two quarters and appreciate his commitment to a seamless transition.”

“I am honored to have been part of the transformational growth and change Pinterest has undergone these last six years,” said Morgenfeld. “I’m especially proud of the extraordinary team we have built, and I look forward to watching the company continue to innovate, execute and grow over the next several years.”

As part of this announcement, effective immediately, Andréa Mallard, Chief Marketing and Communications Officer and Bill Watkins, Chief Revenue Officer, will now report directly to Bill Ready, CEO. These functions are critical to delivering value to Pinners and advertisers and will work closely with the Executive Team on executing against strategic priorities.

Q4 and Full Year 2022 Financial Highlights

The following table summarizes our consolidated financial results (in thousands, except percentages, unaudited):

 

Three Months Ended December 31,

 

% Change

 

Year Ended December 31,

 

% Change

 

2022

 

2021

 

 

2022

 

2021

 

Revenue

$

877,209

 

 

$

846,655

 

 

4

%

 

$

2,802,574

 

 

$

2,578,027

 

 

9

%

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

17,491

 

 

$

174,699

 

 

(90

)%

 

$

(96,047

)

 

$

316,438

 

 

(130

)%

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income*

$

203,109

 

 

$

339,447

 

 

(40

)%

 

$

425,988

 

 

$

778,455

 

 

(45

)%

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA*

$

195,785

 

 

$

350,859

 

 

(44

)%

 

$

441,935

 

 

$

814,369

 

 

(46

)%

Adjusted EBITDA margin*

 

22

%

 

 

41

%

 

 

 

 

16

%

 

 

32

%

 

 

____________________

NM - not meaningful

* For more information on these non-GAAP financial measures, please see "―About non-GAAP financial measures" and the tables under "―Reconciliation of GAAP to non-GAAP financial results" included at the end of this release.

Q4 and Full Year 2022 Other Highlights

The following table sets forth our revenue, MAUs and ARPU based on the geographic location of our users (in millions, except ARPU and percentages, unaudited):

 

Three Months Ended December 31,

 

% Change

 

Year Ended December 31,

 

% Change

 

2022

 

2021

 

 

2022

 

2021

 

Revenue - Global

$

877

 

$

847

 

4

%

 

$

2,803

 

$

2,578

 

9

%

Revenue - U.S. and Canada

$

722

 

$

689

 

5

%

 

$

2,309

 

$

2,133

 

8

%

Revenue - Europe

$

123

 

$

132

 

(7

)%

 

$

398

 

$

382

 

4

%

Revenue - Rest of World

$

32

 

$

25

 

26

%

 

$

95

 

$

62

 

52

%

 

 

 

 

 

 

 

 

 

 

 

 

MAUs - Global

 

450

 

 

431

 

4

%

 

 

450

 

 

431

 

4

%

MAUs - U.S. and Canada

 

95

 

 

95

 

—

%

 

 

95

 

 

95

 

—

%

MAUs - Europe

 

124

 

 

122

 

2

%

 

 

124

 

 

122

 

2

%

MAUs - Rest of World

 

231

 

 

215

 

8

%

 

 

231

 

 

215

 

8

%

 

 

 

 

 

 

 

 

 

 

 

 

ARPU - Global

$

1.96

 

$

1.93

 

1

%

 

$

6.36

 

$

5.79

 

10

%

ARPU - U.S. and Canada

$

7.60

 

$

7.17

 

6

%

 

$

24.38

 

$

21.07

 

16

%

ARPU - Europe

$

1.01

 

$

1.10

 

(9

)%

 

$

3.23

 

$

3.03

 

7

%

ARPU - Rest of World

$

0.14

 

$

0.11

 

21

%

 

$

0.43

 

$

0.29

 

49

%

Guidance

Our current expectation is that Q1 2023 revenue will grow low single digits on a year-over-year percentage basis, which takes into account slightly lower foreign exchange headwinds than Q4 2022. We expect our Q1 2023 non-GAAP operating expenses to decline to low double digits percent quarter-over-quarter*.

_____________

*We have not provided the forward-looking GAAP equivalents for certain forward-looking non-GAAP operating expenses or a GAAP reconciliation as a result of the uncertainty regarding, and the potential variability of, reconciling items such as share-based compensation expense, which is impacted by, among other things, employee retention and decisions around future equity grants to employees. Accordingly, a reconciliation of these non-GAAP guidance metrics to their corresponding GAAP equivalents is not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results and, as such, we also believe that any reconciliations provided would imply a degree of precision that could be confusing or misleading to investors.

Webcast and conference call information

A live audio webcast of our fourth quarter 2022 earnings release call will be available at investor.pinterestinc.com. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures and slide presentation are also available. We will not be publishing a letter to shareholders this quarter. A recording of the webcast will be available at investor.pinterestinc.com for 90 days.

We have used, and intend to continue to use, our investor relations website at investor.pinterestinc.com as a means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD.

Forward-looking statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties, including, among other things, statements about our future operational and financial performance. Words such as "believe," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: general economic and political uncertainty in global markets and a worsening of global economic conditions or low levels of economic growth, including inflation, fear of recession, foreign exchange fluctuations and supply-chain issues as well as events such as Russia's invasion of Ukraine; our ability to provide useful and relevant content; our ability to attract and retain creators that create relevant and engaging content on our platform; risks associated with new products and changes to existing products as well as other new business initiatives; our ability to maintain and enhance our brand and reputation; compromises in security; our financial performance and fluctuations in operating results; our dependency on online application stores' and internet search engines’ methodologies and policies; discontinuation, disruptions or outages in authentication by third-party login providers; changes by third-party login providers that restrict our access or ability to identify users; competition; our ability to scale our business and revenue model; our reliance on advertising revenue and our ability to attract and retain advertisers and effectively measure advertising campaigns; our ability to effectively manage growth and expand and monetize our platform internationally; our lack of operating history and ability to sustain profitability; decisions that reduce short-term revenue or profitability or do not produce expected long-term benefits; the impact of the COVID-19 pandemic, including its impact on our business as well as on global and regional economies and economic activity; risks associated with government actions, laws and regulations that could restrict access to our products or impair our business; litigation and government inquiries; privacy, data and other regulatory concerns; real or perceived inaccuracies in metrics related to our business; disruption, degradation or interference with our hosting services and infrastructure; our ability to attract and retain personnel; and the dual class structure of our common stock and its effect of concentrating voting control with stockholders who held our capital stock prior to the completion of our initial public offering. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which is available on our investor relations website at investor.pinterestinc.com and on the SEC website at www.sec.gov. All information provided in this release and in the earnings materials is as of February 6, 2023. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

About non-GAAP financial measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP costs and expenses (including non-GAAP cost of revenue, research and development, sales and marketing, and general and administrative), non-GAAP income from operations, non-GAAP net income, non-GAAP net income per share and constant currency revenue growth rates. The presentation of these financial measures is not intended to be considered in isolation, as a substitute for or superior to the financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparative purposes. We compensate for these limitations by providing specific information regarding GAAP amounts excluded from these non-GAAP financial measures.

We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization expense, share-based compensation expense, interest income, interest expense and other income (expense), net, provision for (benefit from) income taxes and non-cash charitable contributions. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue. Non-GAAP costs and expenses (including non-GAAP cost of revenue, research and development, sales and marketing, and general and administrative) and non-GAAP net income exclude amortization of acquired intangible assets, share-based compensation expense and non-cash charitable contributions. Non-GAAP income from operations is calculated by subtracting non-GAAP costs and expenses from revenue. Non-GAAP net income per share is calculated by dividing non-GAAP net income by diluted weighted-average shares outstanding. We use Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP costs and expenses, non-GAAP income from operations, non-GAAP net income and non-GAAP net income per share to evaluate our operating results and for financial and operational decision-making purposes. We believe these non-GAAP financial measures help identify underlying trends in our business that could otherwise be masked by the effect of the income and expenses they exclude. We also believe Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP costs and expenses, non-GAAP income from operations, non-GAAP net income and non-GAAP net income per share provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to key metrics we use for financial and operational decision-making. We present Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP costs and expenses, non-GAAP income from operations, non-GAAP net income and non-GAAP net income per share to assist potential investors in seeing our operating results through the eyes of management and because we believe these measures provide an additional tool for investors to use in comparing our operating results over multiple periods with other companies in our industry. There are a number of limitations related to the use of Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP costs and expenses, non-GAAP income from operations, non-GAAP net income and non-GAAP net income per share rather than net income (loss), net margin, total costs and expenses, income (loss) from operations, net income (loss) and net income (loss) per share, respectively, the nearest GAAP equivalents. For example, Adjusted EBITDA excludes certain recurring, non-cash charges such as depreciation of fixed assets and amortization of acquired intangible assets, although these assets may have to be replaced in the future, and share-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense and an important part of our compensation strategy.

For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the tables under "―Reconciliation of GAAP to non-GAAP financial results" included at the end of this release.

Limitation of key metrics and other data

The numbers for our key metrics, which include our MAUs and ARPU, are calculated using internal company data based on the activity of user accounts. We define a monthly active user as an authenticated Pinterest user who visits our website, opens our mobile application or interacts with Pinterest through one of our browser or site extensions, such as the Save button, at least once during the 30-day period ending on the date of measurement. The number of MAUs do not include Shuffles users unless they would otherwise qualify as MAUs. Unless otherwise indicated, we present MAUs based on the number of MAUs measured on the last day of the current period. We measure monetization of our platform through our average revenue per user metric. We define ARPU as our total revenue in a given geography during a period divided by the average of the number of MAUs in that geography during the period. We calculate average MAUs based on the average of the number of MAUs measured on the last day of the current period and the last day prior to the beginning of the current period. We calculate ARPU by geography based on our estimate of the geography in which revenue-generating activities occur. We use these metrics to assess the growth and health of the overall business and believe that MAUs and ARPU best reflect our ability to attract, retain, engage and monetize our users, and thereby drive revenue. While these numbers are based on what we believe to be reasonable estimates of our user base for the applicable period of measurement, there are inherent challenges in measuring usage of our products across large online and mobile populations around the world. In addition, we are continually seeking to improve our estimates of our user base, and such estimates may change due to improvements or changes in technology or our methodology.

PINTEREST, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value)

(unaudited)

 

 

December 31,

 

2022

 

2021

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

1,611,063

 

 

$

1,419,630

 

Marketable securities

 

1,087,164

 

 

 

1,060,488

 

Accounts receivable, net of allowances of $12,672 and $8,282 as of as of December 31, 2022 and 2021, respectively

 

681,532

 

 

 

653,355

 

Prepaid expenses and other current assets

 

74,918

 

 

 

48,090

 

Total current assets

 

3,454,677

 

 

 

3,181,563

 

Property and equipment, net

 

59,575

 

 

 

53,401

 

Operating lease right-of-use assets

 

206,253

 

 

 

227,912

 

Goodwill and intangible assets, net

 

124,822

 

 

 

61,115

 

Other assets

 

17,403

 

 

 

13,247

 

Total assets

$

3,862,730

 

 

$

3,537,238

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

 

 

 

Accounts payable

$

87,920

 

 

$

17,675

 

Accrued expenses and other current liabilities

 

292,611

 

 

 

242,131

 

Total current liabilities

 

380,531

 

 

 

259,806

 

Operating lease liabilities

 

178,694

 

 

 

209,181

 

Other liabilities

 

21,851

 

 

 

29,508

 

Total liabilities

 

581,076

 

 

 

498,495

 

Commitments and contingencies

 

 

 

Stockholders’ equity:

 

 

 

Class A common stock, $0.00001 par value, 6,666,667 shares authorized, 593,918 and 568,228 shares issued and outstanding as of December 31, 2022 and 2021, respectively; Class B common stock, $0.00001 par value, 1,333,333 shares authorized, 89,284 and 88,644 shares issued and outstanding as of December 31, 2022 and 2021, respectively

 

7

 

 

 

7

 

Additional paid-in capital

 

5,407,724

 

 

 

5,059,528

 

Accumulated other comprehensive loss

 

(11,419

)

 

 

(2,181

)

Accumulated deficit

 

(2,114,658

)

 

 

(2,018,611

)

Total stockholders’ equity

 

3,281,654

 

 

 

3,038,743

 

Total liabilities and stockholders’ equity

$

3,862,730

 

 

$

3,537,238

 

PINTEREST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2022

 

2021

 

2022

 

2021

Revenue

$

877,209

 

$

846,655

 

 

$

2,802,574

 

 

$

2,578,027

 

Costs and expenses:

 

 

 

 

 

 

 

Cost of revenue

 

185,028

 

 

 

141,248

 

 

 

678,597

 

 

 

529,320

 

Research and development

 

265,240

 

 

 

240,856

 

 

 

948,980

 

 

 

780,264

 

Sales and marketing

 

317,270

 

 

 

190,525

 

 

 

933,133

 

 

 

641,279

 

General and administrative

 

103,803

 

 

 

94,578

 

 

 

343,541

 

 

 

300,977

 

Total costs and expenses

 

871,341

 

 

 

667,207

 

 

 

2,904,251

 

 

 

2,251,840

 

Income (loss) from operations

 

5,868

 

 

 

179,448

 

 

 

(101,677

)

 

 

326,187

 

Interest income

 

17,172

 

 

 

822

 

 

 

30,943

 

 

 

4,204

 

Interest expense and other income (expense), net

 

5,734

 

 

 

(3,429

)

 

 

(15,210

)

 

 

(9,420

)

Income (loss) before provision for income taxes

 

28,774

 

 

 

176,841

 

 

 

(85,944

)

 

 

320,971

 

Provision for income taxes

 

11,283

 

 

 

2,142

 

 

 

10,103

 

 

 

4,533

 

Net income (loss)

$

17,491

 

 

$

174,699

 

 

$

(96,047

)

 

$

316,438

 

Net income (loss) per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic

$

0.03

 

 

$

0.27

 

 

$

(0.14

)

 

$

0.49

 

Diluted

$

0.03

 

 

$

0.25

 

 

$

(0.14

)

 

$

0.46

 

Weighted-average shares used in computing net income per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic

 

674,385

 

 

 

651,077

 

 

 

665,732

 

 

 

640,030

 

Diluted

 

674,385

 

 

 

690,167

 

 

 

665,732

 

 

 

691,651

 

PINTEREST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

Year Ended December 31,

 

2022

 

2021

Operating activities

 

 

 

Net income (loss)

$

(96,047

)

 

$

316,438

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

46,489

 

 

 

27,500

 

Share-based compensation

 

497,123

 

 

 

415,382

 

Non-cash charitable contributions

 

—

 

 

 

45,300

 

Other

 

(13,889

)

 

 

9,607

 

Changes in assets and liabilities:

 

 

 

Accounts receivable

 

(28,856

)

 

 

(88,862

)

Prepaid expenses and other assets

 

(30,214

)

 

 

(14,727

)

Operating lease right-of-use assets

 

56,024

 

 

 

43,995

 

Accounts payable

 

70,777

 

 

 

(33,451

)

Accrued expenses and other liabilities

 

20,627

 

 

 

82,435

 

Operating lease liabilities

 

(52,832

)

 

 

(50,710

)

Net cash provided by operating activities

 

469,202

 

 

 

752,907

 

Investing activities

 

 

 

Purchases of property and equipment and intangible assets

 

(28,984

)

 

 

(9,031

)

Purchases of marketable securities

 

(1,028,480

)

 

 

(1,104,087

)

Sales of marketable securities

 

7,417

 

 

 

274,654

 

Maturities of marketable securities

 

1,007,861

 

 

 

849,520

 

Acquisition of business, net of cash acquired

 

(86,059

)

 

 

(36,914

)

Net cash used in investing activities

 

(128,245

)

 

 

(25,858

)

Financing activities

 

 

 

Proceeds from exercise of stock options, net

 

12,882

 

 

 

23,912

 

Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards

 

(161,809

)

 

 

—

 

Payment of deferred offering costs and other financing activities

 

—

 

 

 

(1,750

)

Net cash (used in) provided by financing activities

 

(148,927

)

 

 

22,162

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(1,434

)

 

 

(1,058

)

Net increase in cash, cash equivalents and restricted cash

 

190,596

 

 

 

748,153

 

Cash, cash equivalents and restricted cash, beginning of period

 

1,427,064

 

 

 

678,911

 

Cash, cash equivalents and restricted cash, end of period

$

1,617,660

 

 

$

1,427,064

 

Supplemental cash flow information

 

 

 

Operating lease right-of-use assets obtained in exchange for operating lease liabilities

$

31,515

 

 

$

118,977

 

   

Reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets

Cash and cash equivalents

$

1,611,063

 

 

$

1,419,630

 

Restricted cash included in prepaid expenses and other current assets

 

1,067

 

 

 

1,137

 

Restricted cash included in other assets

 

5,530

 

 

 

6,297

 

Total cash, cash equivalents and restricted cash

$

1,617,660

 

 

$

1,427,064

 

PINTEREST, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS

(in thousands)

(unaudited)

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2022

 

2021

 

2022

 

2021

Share-based compensation by function:

 

 

 

 

 

 

 

Cost of revenue

$

2,829

 

 

$

1,931

 

 

$

7,629

 

 

$

7,438

 

Research and development

 

100,166

 

 

 

115,048

 

 

 

324,161

 

 

 

309,715

 

Sales and marketing

 

45,903

 

 

 

13,400

 

 

 

99,467

 

 

 

52,691

 

General and administrative

 

21,414

 

 

 

9,021

 

 

 

65,866

 

 

 

45,538

 

Total share-based compensation

$

170,312

 

 

$

139,400

 

 

$

497,123

 

 

$

415,382

 

 

 

 

 

 

 

 

 

Amortization of acquired intangible assets by function:

 

 

 

 

 

 

 

Cost of revenue

$

4,974

 

 

$

296

 

 

$

8,583

 

 

$

579

 

Sales and marketing

 

10,135

 

 

 

45

 

 

 

15,540

 

 

 

45

 

General and administrative

 

197

 

 

 

197

 

 

 

789

 

 

 

711

 

Total amortization of acquired intangible assets

$

15,306

 

 

$

538

 

 

$

24,912

 

 

$

1,335

 

 

 

 

 

 

 

 

 

Reconciliation of total costs and expenses to non-GAAP costs and expenses:

 

 

 

 

 

 

 

Total costs and expenses

$

871,341

 

 

$

667,207

 

 

$

2,904,251

 

 

$

2,251,840

 

Share-based compensation

 

(170,312

)

 

 

(139,400

)

 

 

(497,123

)

 

 

(415,382

)

Amortization of acquired intangible assets

 

(15,306

)

 

 

(538

)

 

 

(24,912

)

 

 

(1,335

)

Non-cash charitable contributions

 

—

 

 

 

(24,810

)

 

 

—

 

 

 

(45,300

)

Total non-GAAP costs and expenses

$

685,723

 

 

$

502,459

 

 

$

2,382,216

 

 

$

1,789,823

 

 

 

 

 

 

 

 

 

Reconciliation of net income (loss) to Adjusted EBITDA:

 

 

 

 

Net income (loss)

$

17,491

 

 

$

174,699

 

 

$

(96,047

)

 

$

316,438

 

Depreciation and amortization

 

19,605

 

 

 

7,201

 

 

 

46,489

 

 

 

27,500

 

Share-based compensation

 

170,312

 

 

 

139,400

 

 

 

497,123

 

 

 

415,382

 

Interest income

 

(17,172

)

 

 

(822

)

 

 

(30,943

)

 

 

(4,204

)

Interest expense and other (income) expense, net

 

(5,734

)

 

 

3,429

 

 

 

15,210

 

 

 

9,420

 

Provision for income taxes

 

11,283

 

 

 

2,142

 

 

 

10,103

 

 

 

4,533

 

Non-cash charitable contributions

 

—

 

 

 

24,810

 

 

 

—

 

 

 

45,300

 

Adjusted EBITDA

$

195,785

 

 

$

350,859

 

 

$

441,935

 

 

$

814,369

 

PINTEREST, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS

(in thousands, except per share amounts)

(unaudited)

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2022

 

2021

 

2022

 

2021

Reconciliation of net income (loss) to non-GAAP net income:

Net income (loss)

$

17,491

 

$

174,699

 

$

(96,047

)

 

$

316,438

Share-based compensation

 

170,312

 

 

 

139,400

 

 

 

497,123

 

 

 

415,382

 

Amortization of acquired intangible assets

 

15,306

 

 

 

538

 

 

 

24,912

 

 

 

1,335

 

Non-cash charitable contributions

 

—

 

 

 

24,810

 

 

 

—

 

 

 

45,300

 

Non-GAAP net income

$

203,109

 

 

$

339,447

 

 

$

425,988

 

 

$

778,455

 

 

 

 

 

 

 

 

 

Basic weighted-average shares used in computing net income per share attributable to common stockholders

 

674,385

 

 

 

651,077

 

 

 

665,732

 

 

 

640,030

 

Weighted-average dilutive securities(1)

 

22,547

 

 

 

39,090

 

 

 

25,200

 

 

 

51,621

 

Diluted weighted-average shares used in computing non-GAAP net income per share attributable to common stockholders

 

696,932

 

 

 

690,167

 

 

 

690,932

 

 

 

691,651

 

Non-GAAP net income per share attributable to common stockholders

$

0.29

 

 

$

0.49

 

 

$

0.62

 

 

$

1.13

 

____________________

 

 

 

 

 

 

 

(1) Gives effect to potential common stock instruments such as stock options, unvested restricted stock units and unvested restricted stock awards.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230206005580/en/

Press: Tessa Chen press@pinterest.com

Investor relations: Neil Doshi ir@pinterest.com